VIENNA, Va., Feb. 10 /PRNewswire-FirstCall/ -- CEL-SCI CORPORATION , a late stage developer of therapies for cancer and infectious diseases, reports that it has entered into a definitive agreement with one investor to raise $1,000,000 through the sale of 2,500,000 shares of its common stock at a price of $0.40 per share. In addition, the investor will receive five-year warrants to purchase 750,000 shares of CEL-SCI's common stock at an exercise price of $0.56 per share. Closing of the transaction is subject to approval of the terms of the offering by the American Stock Exchange.
The common stock, warrants to purchase common stock and the common stock underlying the warrants, have not been registered under the Securities Act of 1933, as amended, or the securities laws of any jurisdiction, and may not be offered or sold in the United States absent registration or exemption from registration requirements. In connection with this transaction CEL-SCI agreed to lower the exercise price of 441,176 warrants that the investor had received as part of a financing several years ago to $0.56 per share, and to extend the life of those warrants by one year until December 01, 2007.
Geert Kersten, Chief Executive Officer said: "This investment group has been a great supporter of ours for several years. We are pleased to have them invest in CEL-SCI again."
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or foreign jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or foreign jurisdiction.
CEL-SCI Corporation is developing new immune system based treatments for cancer and infectious diseases. The Company has operations in Vienna, Virginia and Baltimore, Maryland. The Company's lead product Multikine(R) is cleared to enter Phase III clinical trials with advanced primary head and neck cancer patients. Other products, in the pre-clinical stage and funded with U.S. government support, have shown protection against a number of diseases in animal tests and are being tested against diseases associated with bio-defense and avian flu.
CEL-SCI CorporationCONTACT: Gavin de Windt of CEL-SCI Corporation, +1-703-506-9460; orInvestor Relations: Mike Lucci of Lucci Financial Group, LLC,+1-248-723-3330, for CEL-SCI Corporation
Web site: http://www.cel-sci.com/
